The last time OPEC got together to impose a significant production cut, it sent the US economy reeling. Will their deal today to cut back daily production at least 10% be enough to salvage the US energy sector? And just how much did OPEC+ agree to reduce — 10 million barrels per day, or 20 million, as Trump claimed?
….disaster, the Energy Industry will be strong again, far faster than currently anticipated. Thank you to all of those who worked with me on getting this very big business back on track, in particular Russia and Saudi Arabia.
— Donald J. Trump (@realDonaldTrump) April 13, 2020
Both figures are being reported today, depending on the news outlets and the timing of the reports. Either way, it’s historic, CBS notes. Their analyst credits Trump for directly intervening in the Saudi-Russia production war that nearly obliterated oil prices: